Apollo Tyres Ltd. share price target

ICICI Securities Ltd | Retail Equity Research Apollo Tyres' (ATL) Q2FY18, consolidated revenues grew 12.7% YoY to | 3,477 crore as India business reported strong growth of 18% YoY (volume growth of ~10% YoY while the value & product mix grew 8% YoY). Revenues (adjusting excise duty) from Asia Pacific Middle East & Africa (APMEA) grew 17.8% YoY to | 2,519 crore while revenue from Europe increased 1.4% YoY to | 1006 crore EBITDA margins were at 10.5% (down 373 bps YoY, up 216 bps...

CAGR over FY2017-FY2019: After two years of sluggish topline due to subdued replacement demand and increasing competition from Chinese imports, Apollo Tyres reported 10% volume growth in the domestic market in Q2FY2018. Improving MHCV OEM demand and replacement demand led to robust volume growth for the company. Further, Chinese...

ICICI Securities Ltd | Retail Equity Research Apollo Tyres' (ATL) Q1FY18, consolidated revenues were at | 3,283 crore (down 0.9% YoY) vs. our estimate of | 3,649 crore. Revenue was impacted mainly after 1) the domestic business reported volume de-growth of 4% volume impacted by transition to BS IV norms & implementation of GST in Q1FY18 while 2) currency fluctuations impacted European operations. Revenues from Asia Pacific Middle East and Africa (APMEA) grew 0.9% YoY to | 2,584 crore while...

Revenue fell by 0.34% to Rs. 3258.09 Cr in Q1FY18 when compared to the previous quarter Revenue fell by 0.34% to Rs. 3258.09 Cr in Q1FY18 when compared to the previous quarter

issues sorted it has started, witnessing recovery since Q3 FY17. With further expansion of the Apollo and Vredestein brands in Avg. daily volume (1yr. on NSE) European regions, this business is expected to perform better...

Revenue fell by 4.83% to Rs. 3269.22 Cr in Q4FY17 when compared to the previous quarter.

Consolidated revenues of ATL increased by 10.3%YoY during Q4FY17 mainly driven by healthy volume growth witnessed across the Indian & European operations. Domestic volume growth of 9% YoY was led by PCR segment which grew 20% YoY, while the truck segment witnessed marginal volume growth. Notably, in March 2017, ATL has taken a ~3% price hike in the domestic market. With regards to European operations, overall 16% YoY...

ICICI Securities Ltd | Retail Equity Research Apollo Tyres' (ATL) Q4FY17, consolidated revenues were at | 3,326 crore (up 10.3% YoY), below our estimate of | 3,418 crore. It is mainly volume driven - domestic (9% YoY) while Europe (20% YoY) Revenues from Asia Pacific Middle East & Africa (APMEA) increased 9.2% YoY to | 2,691 crore while revenue from Europe & America (EA) increased 15.8% YoY to | 991 crore Consolidated EBITDA margins came in at 11.1% (down 534 bps YoY...

Muted Q4, new plant commission and momentum in auto sector to drive growth Higher RM costs have a sinking effect on profitability Apollo's standalone net sales grew by 10.6% yoy and 8.3% qoq to 25.9bn. The yoy growth came on the back of 9% blended volume growth, out of which the PCR segment contributed 20%, while TB segment remained flat. OEM segment (30% of sales in Q4) grew at a higher rate than replacement. In the first three quarters of FY17, the company had taken price cuts, but since the beginning of Q4, the NR prices have gone up by 13%, to adjust for which the company has taken price hikes of 5-6% in April. Hence, at the EBITDA levels, profits fell by 26%...

good pricing power and better margins to Apollo. The combined effect should translate into topline growth and a return to earnings growth. Demand outlook in the domestic markets is improving...